European Stocks Surge on ASML Boost Amid Positive Earnings

European shares rose with ASML gaining on news of potential exemptions from U.S. export rules. The STOXX 600 index climbed 0.8%, led by tech and aerospace sectors. Key companies like Airbus and HSBC reported strong results. Euro zone inflation data and central bank meetings were also in focus.


Devdiscourse News Desk | Updated: 31-07-2024 21:51 IST | Created: 31-07-2024 21:51 IST
European Stocks Surge on ASML Boost Amid Positive Earnings
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European shares saw a notable uptick on Wednesday, driven by a surge in heavyweight ASML following a report suggesting the Dutch chip equipment manufacturer might receive an exemption from new U.S. export rules. This news, coupled with positive earnings reports, bolstered investor confidence.

The pan-European STOXX 600 index closed 0.8% higher, achieving a two-week high and a monthly gain exceeding 1%. The technology sector led this rise, with ASML surging 5.6% after a Reuters report indicated a possible reprieve from U.S. restrictions on exports to China. The aerospace sector also performed well, climbing 1.3%, spearheaded by a 4.8% rise in Airbus shares following better-than-expected second-quarter results.

Macro-economic data remained a focal point, with new figures showing an unexpected uptick in euro zone inflation for July. Despite this, there are elements within the data that could be favorable for the European Central Bank (ECB), particularly the slight decrease in services inflation. Market analysts believe the ECB might cut rates at its September meeting. Meanwhile, the U.S. Federal Reserve and the Bank of England are expected to outline their monetary policies imminently.

(With inputs from agencies.)

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